LRC PRODUCTS LIMITED

Company number: 00698371

Reporting period:
1 January 2023 to 30 June 2023

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This report was filed on 28 July 2023

and approved by John Dixon

Payment statistics

Average time taken to pay invoices: 99 days

Invoices paid:

• within 30 days: 17%
• in 31 to 60 days: 4%
• in 61 days or more: 79%

Invoices due but not paid within agreed terms: 51%

Payment terms

Shortest standard payment periods

30 days

Longest standard payment period

180 days

Standard payment terms

Reckitt’s standard payment terms are that payment is made on the first working day after the end of the month in which falls the ninetieth (90) day after the date of the relevant invoice. We do have suppliers on payment terms which are different to the standard.

Were there any changes to the standard payment terms in the reporting period?

Answer not provided

Were suppliers notified or consulted about these changes before they were made?

N/A

Maximum contractual payment period agreed

180 days

Payment is made on the first working day after the end of the month in which falls the one hundred and eightieth (180) day after the date of the relevant invoice.

Any other information about payment terms

The company has a policy to ensure that small suppliers are able to opt for a 30-day payment period. https://www.reckitt.com/sustainability/policies-and-reports/

Dispute resolution process

Reckitt aims to resolve queries or disputes regarding invoices and payment as quickly as possible. In the first instance, suppliers should speak with their Reckitt contact who can liaise with the Accounts Payable team. Alternatively, suppliers can contact the Accounts Payable team directly. When resolved, the invoice will be available for payment on the next standard payment run.

Other payment information

Has this business signed up to a code of conduct or standards on payment practices? If so, which?

For example, signatories to The Prompt Payment Code must commit to paying 95% of their invoices within 60 days.

No, this business has not signed up to a code of conduct or standards on payment practices.

Does this business offer e-invoicing in relation to qualifying contracts?

This is where suppliers can electronically submit and track invoices. It's not just allowing suppliers to email them an invoice.

Yes

Does this business offer supply chain finance?

This is where a supplier who has submitted an invoice can be paid by a third-party finance provider earlier than the agreed payment date. The business would then pay the finance provider the invoiced sum.

Yes

Under its payment practices and policies, can this business deduct sums from payments under qualifying contracts as a charge for remaining on a supplier list?

No

During the reporting period, did the business deduct sums from payments as a charge for remaining on a supplier list?

No